US car market crashes by 34% in the second quarter of 2020

US car market crashes by 34% in the second quarter of 2020

July 3, 2020 0 By autotimesnews

It is reported by The Wall Street Journal.

According to media reports, in the second quarter of this year, US automakers suffered losses due to reduced demand due to an outbreak of coronavirus infection. According to experts, now even discounts cannot compensate for the demand for cars and compensate for the impact of the pandemic.

According to published data, GM sold 34% fewer cars than the same period last year. Toyota sales fell by about 33%, FCA cut sales by 39%, and Nissan by 50%. According to analysts, the US auto market as a whole dipped by about a third – until now, many car dealerships remain closed.

At the same time, it is noted that reality was not as harsh as expected. Apparently, the funds that the Americans received as support from the state are used to buy cars, among other things. According to J.D. Power, in recent weeks, demand is only 4-6% lower.